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Zip Code 63144: Rising Home Values and Stable Ownership in Brentwood, Missouri
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Zip code 63144, located in Brentwood, Missouri, has experienced notable shifts in homeownership rates and housing prices over the past decade. This area has seen a general trend of increasing average home prices, while homeownership rates have remained relatively stable with some fluctuations.
The homeownership rate in zip code 63144 has shown minor variations between 2013 and 2022. In 2013, the ownership rate stood at 65%, and it reached its peak at 68% in 2020. However, by 2022, it decreased slightly to 64%. During this same period, average home prices in the area have shown a consistent upward trend. In 2013, the average home price was $160,620, and by 2022, it had increased significantly to $254,057, representing a 58% rise over nine years.
The relationship between federal interest rates and homeownership rates in this zip code shows some correlation. For instance, when interest rates were at historic lows between 2020 and 2021 (0.38% and 0.08% respectively), homeownership rates were at their highest at 68% and 67%. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options.
Renter percentages in zip code 63144 have fluctuated slightly, inversely mirroring the homeownership rates. In 2013, the renter percentage was 35%, and it decreased to 32% in 2020 before rising again to 36% in 2022. Average rent prices have shown an overall upward trend during this period. In 2013, the average rent was $1,192, and by 2022, it had increased to $1,270, representing a 6.5% rise. The population in the zip code has also grown from 8,930 in 2013 to 9,378 in 2022, which may have contributed to the increasing demand for rental properties.
Looking at the most recent data, the average home price in zip code 63144 for 2023 was $263,961, showing a continued increase from previous years. In 2024, the average home price further rose to $271,001. Simultaneously, federal interest rates have significantly increased, reaching 5.02% in 2023 and 5.33% in 2024. This sharp rise in interest rates could potentially impact homeownership trends in the coming years.
Applying predictive models to forecast 5-year trends, we can anticipate that average home prices in zip code 63144 will likely continue to rise, albeit potentially at a slower rate due to higher interest rates. The average home price could reach approximately $300,000 by 2029. Average rent prices are also expected to increase, potentially reaching around $1,450 by 2029, assuming a similar growth rate to recent years.
In summary, zip code 63144 has demonstrated a strong housing market with steadily increasing average home prices and relatively stable homeownership rates. The area has seen population growth, which has likely contributed to rising housing demand and prices. The recent sharp increase in federal interest rates may impact future homeownership trends and could potentially slow down the rate of home price appreciation in the coming years.
